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Lehman Analysts Say Sept. 11 Claims May Be Higher Than Expected

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NU Online News Service, Oct. 3, 4:25 p.m. – Analysts at Lehman Brothers Inc., New York, are predicting that life and health insurers may end up paying more benefits related to the Sept. 11 terrorist attacks than they are now estimating.

Authorities are estimating that the attacks killed about 6,000 people who were in the World Trade Center complex in New York, as well as hundreds of other people who were traveling aboard the four passenger jets hijacked that day or working at the Pentagon.

Lehman believes that all life insurers “will face unexpected costs from the disaster, such as higher-than-expected disability claims,” according to a report on MetLife Inc., New York, by a team led by Eric Berg.

Information about attack-related claims is still incomplete, because the WTC recovery effort continues, and not all families of WTC attack victims have called their insurance companies about losses, the analysts write.

Before Sept. 11, Lehman had offices in the WTC towers and other buildings in the WTC complex and adjacent World Financial Center complex.